Orange Estates, Northeast, Northwest Downey
| Average Price | $1.5M |
|---|---|
| Lowest Price | $0 |
| Highest Price | $30.6M |
| Total Listings | 124 |
| Avg. Days On Market | 80 |
| Avg. Price/SQFT | $535 |
Property Types (active listings)
The Gateway City- Downey, CA.
The only high-end real estate location, located 15 minutes to everything- DTLA, North OC, Seal Beach, you name it- it's 15 minutes away.
Demographics : The city of Downey is predominantly made of 53% White, 29% Hispanic, 7.74% Asian, 3.75% African American- the rest was made of other, with the remaining percentages. The average income per person in Downey, CA is nearly $68,900- so total per household, with an average family of four working-age adults, $275,600 income per household.
Weather: The high temperature averages at 76°F year round, with a low-average temperature of 57°F. Some nights feels colder than others, but that's usually in the months of November to January.
Why buy here? The highest investment property currently listed is valued at around $5,100,000. The values in Downey, CA. for a single family residence can range anywhere from $400,000 up to $3,000,000. Communities such as the Orange Estates, Northeast, and Northwest Downey, are extremely sought after by investors, first time buyers, and renters alike. The high household income, combined with the location- has made Downey an excellent place to acquire rental units, duplexes to fourplexes. Large lots have also played into the development of the city for the last 10 years, and those that invested early, are reaping great benefits. Downey is a strong, collective- and unified city, full of city Functions. It has a fantastic Mayor- Claudia Frometa, who has been doing a fantastic job at leading the city, and changing the look of Downey. One major point that Mayor Frometa get's has to be her unique approach for creating community brand value, creating community events and gatherings at local parks where residents turn out by the hundreds. Downey, is becoming a unified city with a lot of activities for home owners, and well informed residents. The city of Downey has a lot to offer buyers, investors, and renters alike. If you're renting here- be ready to dish out at least $2600 up to $4,500 for a 4/5 bedroom house near the northeast side of Downey, or near the Orange Estates- some homes can fetch a little more. If you're buying to invest here, the ROI on a $3,800 rent would easily be in the 24%-27% levered at a decent LTV. For buyers and investors, the city isn't in a rent controlled area- for buyers that don't understand how rent control works- essentially its the government restriction from landlords to increase rents, Hot markets in Los Angeles are rent controlled- Downey isn't. Which means as rents continue to climb, you have the ability to increase rents gradually to keep up with rising taxes, borrowing cost, and local inflation- making your purchase an ideal investment now for when you decide to buy a second asset, you'll be growing your wealth by renting your asset at a later time, without government restriction.
Recent Stats : Currently, there are 26 homes listed in the Downey market with an average price of $1.271M. The average price per square foot is $476- while some homes sell for up to $800 to $900 a foot, the larger homes still sell at a bargain compared to Pasadena, or West Los Angeles. The most expensive house in Downey right now, at the time of writing- the list price is $3.9M, and the price per square foot is $462. Based on research, the City of Downey, CA is expected to increase in value, another 30%-35% in the next 3 years. Making this $3.9M home into a $5,000,000 home.
Smaller homes in price will reap the benefit of trailing home appreciation due to inflation.
Local Market Knowledge: We have a unique perspective and are heavily invested in the city of Downey, in addition to having done countless of transactions near and around this city.
View Downey Orange Estates Real Estate Listings
Places to See in Downey, CA.
The library, is an excellent place for children in the city to let out their creativity. This place is fully equipped. More details below.
This is the entrance, and the picture doesn't provide justice.
Up to date events posted at the entrance of the Downey City Library. The summer reading programs are great for kids of all ages. World Renowned authors read to children (among other programs focused on improving reading skills), they'll do book signings- and provide a world class experience for kids in the community.
There's so much natural light in the new library.
New carpets combined with new concrete stained floors easily makes this place very ADA friendly and highly accessible, due to new floors, ramps, and width of shelves- easy for small or large sized wheelchairs to easily navigate this place. The last library was ADA compliant, but this one is even more so.
The Library is located in the City Hall area, by the Embassy Suits, the property sits on Brookshire and Firestone Blvd- near the In and Out.
A few times out of the year, the library's and adjacent parking lot closes to have events for the communities (summer concerts, food truck events, community planning meetings, etc.) and the library itself is highly accessible year round with lot's of programs throughout the year.
New Private Desk's/Booths are excellent places to read, study and prepare for any level exam!
Excellent place to bring the kids if you homeschool, or if the kids want to study afterschool. It's walking distances to many restaurants, and to Downey High.
Private reading rooms are available throughout the library.
The Downey City Hall and Library are side by side!
Above, a picture of Downey city hall on the left, and the library on the right. The police station is located walking distances to both locations, you can't see it on the picture, but it's actually to the right of the sign.
Another benefit that Downey offers, more so from other cities, is that you have a lot of eating options- including Porto's. Honestly, you can't have a trip to the library, without enjoying some treats at the newly built Porto's.
You have a lot of food options in Downey, and night hangouts. The city does come alive at night- with live entertainment and food options.
The downtown side of Downey, near where all the restaurants and hangouts are, is experiencing major transformation. Most businesses that have been in Downey for 20+ years, are on the point of retiring, or selling off. COVID19 expedited a lot of retailers dream of never retiring- and allowed new tenants to come in. This Allowed more younger- and youthful tenants take up space, making this into a wanderlust city.
Restaurants are everywhere- and this picture taken on a weekday, normally this would be crowded with customers.
More food options. Firestone Blvd is always busy.
This is definitely a top 5 place to eat and hang out. Did you know that at one point, the Marriot Hotel Group owned 240 of these locations nationwide. Pulp Fiction and countless of other movies were made at this location.
Comparing a home purchase of $785,000 in Downey, CA. VA Loan Vs. Conventional and FHA Loans.
Is it beneficial to use my VA Eligibility/points for a home purchase in Downey, CA or should I use conventional financing or FHA financing?
Answer: Yes, in a recent loan analysis seen below, we benchmarked the VA Loan, vs the Conventional Loans and FHA Loans with a 30 year loan. We analyzed some features and benefits of each, and we noticed that for a purchase of $785,000, in Los Angeles, County-a purchase within the City of Downey, CA. You'd be paying $3,998, (PITI); with FHA you're pay $27,475 for the down payment, and $4,597 (PITI & MI). The FHA Loan has an upfront mortgage can be financed, or it can be purchased upfront, the UFMP will cost you $13,256, or it can be rolled into the loan. The Mortgage Insurance, it's a lifetime fee. Most consumers/borrowers don't know this. Which means that you'll have to sell or refinance to get rid of the mortgage payment. Let's say, it takes you two years to refinance because the LTV is still below 80%, (traditionally, you need the value to go up by 20%, so the house can appraise by 80% LTV- meaning that you'll be able to refinance out of the mortgage premium. But if values don't go up, and in two years, you'll end up paying $ $15,745 for mortgage insurance from the start of the loan. For the conventional loan option, the Down payment is $39,250, with a 95% Loan to Value. So roughly 1.5% more than FHA. Why is this? Well three reasons, (1) the 3% down option for conventional isn't available for this price range. (2) Los Angeles County, has a high median price per house, so using $785K, isn't the lowest, but isn't the highest. Thus, being forced into a high-balance loan in order to qualify for this house. and (3) Lenders want skin in the game, and reduce their risk of you defaulting in that loan. The VA loan, offsets the down, and the mortgage insurance, but charges you what is called the VA Funding Fee, and it's an insurance you buy incase of unemployment, temporary disability, and other un forseable events that can hinder steady employment. The VA Funding fee for this example is $18,055, and it's essentially against the house value.
The location and price is indicative of a nice mid-century home, excellent community, with access to great schools, shopping, restaurants, centrality to everything within 10-15 minute drive, and local attractions for a young professional or starter family.
In conclusion of the VA vs. Conventional, and FHA Loans, based on these assumptions, the VA is 13.02% lower in payment, when compared to the FHA Loan. When compared to the Conventional loan, it's less than 6.52% of the total payment amount. The reason why the difference is staggering, it's due to the VA's max limit on lenders to charge high interest rates to clients, and borrowers.
So if you're thinking to withhold the use of your eligibility, you certainly could do that and that's an option for you but the VA let's you retain the cash, let's you come in with zero down and helps you purchase the property with a lower payment than with someone who is coming in with 3.5% with an FHA Loan, or even 5% down for a conventional loan. (Copyright protected, All rights reserved 2021, Hope Street Funding)
| HOME VALUE | $785,000 |
| FICO SCORE | 750 |
| COUNTY | Los Angeles |
| CITY | Downey |
| Income Type | W2 |
Here's a list of resources and things to do in the City of Downey, CA.
- City of Downey
- Downey Chamber of Commerce
- Downey Unified School District
- Downey City Library
- Downey Art Vibe
- Downey Rose Float Association
- Downey Symphony
- Downey Theatre
- Downey Friends of the Library
- Downey Art League
The Gateway City- Downey, CA. Quince minutos a donde sea.
Demografía: La ciudad de Downey está compuesta predominantemente por 53% blancos, 29% hispanos, 7.74% asiáticos, 3.75% afroamericanos; el resto estaba compuesto por otros, con los porcentajes restantes. El ingreso promedio por persona en Downey, CA es de casi $ 68,900 por lo que el total por hogar, con una familia promedio de cuatro adultos en edad laboral, $ 275,600 de ingreso por hogar.
Clima: El promedio de temperatura alta es de 76 ° F durante todo el año, con una temperatura promedio baja de 57 ° F. Algunas noches se sienten más frías que otras, pero eso suele ocurrir en los meses de noviembre a enero.
¿Por qué comprar aquí? La propiedad de inversión más alta actualmente listada está valorada en alrededor de $ 5,100,000. Los valores en Downey, CA. para una residencia unifamiliar puede oscilar entre $ 400,000 hasta $ 3,000,000. Comunidades como Orange Estates, Northeast y Northwest Downey son muy buscadas por inversores, compradores por primera vez e inquilinos por igual. Los altos ingresos familiares, combinados con la ubicación, han convertido a Downey en un lugar excelente para adquirir unidades de alquiler, desde dúplex hasta cuadruplex. Los grandes lotes también han contribuido al desarrollo de la ciudad durante los últimos 10 años, y aquellos que invirtieron temprano, están cosechando grandes beneficios. Downey es una ciudad fuerte, colectiva y unificada, llena de funciones de ciudad. Tiene una alcaldesa fantástica, Claudia Frometa, que ha estado haciendo un trabajo fantástico al liderar la ciudad y cambiar la apariencia de Downey. Un punto importante que tiene la alcaldesa Frometa tiene que ser su enfoque único para crear valor de marca comunitaria, creando eventos comunitarios y reuniones en parques locales donde los residentes asisten por cientos. Downey, se está convirtiendo en una ciudad unificada con muchas actividades para los propietarios de viviendas y residentes bien informados. La ciudad de Downey tiene mucho que ofrecer a compradores, inversores e inquilinos por igual. Si está alquilando aquí, prepárese para repartir al menos $ 2600 hasta $ 4,500 por una casa de 4/5 habitaciones cerca del lado noreste de Downey, o cerca de Orange Estates; algunas casas pueden costar un poco más. Si está comprando para invertir aquí, el ROI en un alquiler de $ 3,800 fácilmente estaría en el 24% -27% apalancado a un LTV decente. Para los compradores e inversores, la ciudad no está en un área de alquiler controlado, para los compradores que no entienden cómo funciona el control de alquiler, esencialmente es la restricción del gobierno de los propietarios para aumentar los alquileres, los mercados calientes en Los Ángeles están controlados por el alquiler, Downey isn 't. Lo que significa que a medida que las rentas continúan subiendo, tiene la capacidad de aumentar las rentas gradualmente para mantenerse al día con el aumento de los impuestos, el costo de los préstamos y la inflación local, lo que hace que su compra sea una inversión ideal ahora para cuando decida comprar un segundo activo, aumente su riqueza alquilando su activo en un momento posterior, sin restricciones gubernamentales.
Estadísticas recientes: Actualmente, hay 26 casas listadas en el mercado de Downey con un precio promedio de $ 1.271M. El precio promedio por pie cuadrado es de $ 476, mientras que algunas casas se venden por hasta $ 800 a $ 900 el pie, las casas más grandes todavía se venden a precios de ganga en comparación con Pasadena o West Los Ángeles. La casa más cara en Downey en este momento, al momento de escribir este artículo, el precio de lista es de $ 3.9 millones y el precio por pie cuadrado es de $ 462. Según la investigación, se espera que la ciudad de Downey, CA aumente de valor, otro 30% -35% en los próximos 3 años. Convirtiendo esta casa de $ 3.9 millones en una casa de $ 5,000,000.
Las casas más pequeñas en precio cosecharán el beneficio de una revalorización de las casas rezagada debido a la inflación.
Conocimiento del mercado local: Tenemos una perspectiva única y estamos fuertemente invertidos en la ciudad de Downey, además de haber realizado innumerables transacciones cerca y alrededor de esta ciudad.
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